JSW Steel rejigs global ops in line with market dynamics

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Published: April 1, 2017 6:20:43 AM

JSW Steel has initiated a restructuring plan for its loss-making overseas operations by reducing capital in its Netherlands Holding Company, and liquidating the US-based JSW Steel Holding (USA) Inc.

JSW Steel, JSW Steel Holding, Netherlands Holding Company, US Holding Company, Periama Holding LLC JSW Steel has initiated a restructuring plan for its loss-making overseas operations by reducing capital in its Netherlands Holding Company, and liquidating the US-based JSW Steel Holding (USA) Inc. (Source: Reuters)

JSW Steel has initiated a restructuring plan for its loss-making overseas operations by reducing capital in its Netherlands Holding Company, and liquidating the US-based JSW Steel Holding (USA) Inc.

The company will write-off loans worth `6,208.74 crore given to US Holding Company, and the preference capital in the Netherlands Holding Company against the provisions worth `5,250.88 crore made in earlier years, the company said in a filing to the exchanges.

Some of the assets and liabilities in the Netherlands Company will be transferred to another wholly owned subsidiary company Periama Holding LLC in US, the company said.

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“The above restructuring and consolidation exercise does not entail any sale of the company’s overseas investments and the company continues to have the same economic interests in the Netherlands Co and its US and Latin America,” the company said.

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